• ASX 200 seesaws to close flat
  • Aussie 10-year bond yields at 7-year high
  • China’s inflation rises and beats expectations

The ASX 200 opened higher this morning but lost momentum by midday as Aussie bond yields marched to multi-year highs.

At the close of day, the ASX 200 benchmark closed flat while the 10-year bond yield surged past 3%, its highest level since 2015.

It follows a similar spike in US Treasury yields on Friday, where the 10-year yield rose to a three-year high of 2.70%.

Bond yields have been moving higher since the US Fed signalled last week it would aggressively hike rates and reduce its massive bond holdings at $US95 billion a month starting in May.

Australia’s Reserve Bank has also opened the door for a potential rate hike by as early as June, raising concerns of a real estate bubble bust.

By sector, rates sensitive stocks like Tech and Discretionary were the worst performers today, down by around 1% each, while Financials led the market.

Meanwhile, China’s producers’ costs surged 8.3% and consumer inflation climbed 1.5% year on year. Some analysts have warnted that persistently high inflation and lockdowns could shave 2% of China’s GDP.


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Lake Resources (ASX:LKE) and Ford Motor Company have signed a non-binding MoU to negotiate a lithium offtake from the Kachi Project. The offtake deal is approximately 25,000 tonnes per annum to support Ford’s aggressive electric vehicles acceleration.

IGO Ltd (ASX:IGO) agreed to lift its acquisition price of ASX-listed Western Areas (ASX:WSA) to $3.87. The upgrade follows an independent report saying that the initial $3.36 offer was not in the best interest of WSA shareholders, considering the continued strong nickel price performance.


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Adore Beauty (ASX:ABY) fell 10% to its all time low today on concerns that higher mortgage rates could force people to buy less beauty products. The ABY stock price has lost more than 70% over the past 12 months.


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